5 Ways to Bring Up Your Home's ROI, ASAP

Written by Posted On Tuesday, 08 October 2013 11:46

Return on investment. The three words homeowners covet most.

Once you’ve bought your home, it’s a natural next step to start thinking of measures you can take to increase your ROI. And it’s a smart step to make – on average, 33% of house shoppers are more inclined to buy a home that recently had renovations done.

So what are some unexpected things you can do to increase the value of your home (and attract the right kind of sellers)?

1. Update your home office. Any way you can add value to square footage in your home, you should do it. That includes updating a home office. What kind of updates? Think tech savvy. If you’re in an area where fiber Internet is available, you’re in luck – it’s said to increase the value of homes by a couple thousand dollars. Google Fiber and FiOS Verizon plans are homeowners’ best bet for getting a fiber connection. Also consider adding in some shelving and a fresh coat of paint to your office space for quick and easy updates.

2. Columns and porch posts. Speaking of fiber – homeowners with columns and porch posts should consider upgrading to fiberglass columns. They’re durable and won’t rot like some porch posts might. You can choose weatherproof columns or insect-proof ones – anything to make sure you are investing in a low maintenance upgrade.

3. Consider your back deck. If you don’t already have a back deck, adding one is a huge way to boost your ROI – in fact, if you add a deck to your home, you could recover 76% return on your investment. That’s huge. Things to keep in mind: You don’t want the back deck to be too big or too small. A good rule of thumb is that an average deck is between 300 and 400 square feet. Another good rule of thumb? Keep your deck the size of your house’s largest room – no bigger. If you already have a deck, consider pressure treating it. A pressure-treated deck looks great, protects against wear and tear and can last for more than a decade without needing additional treatment. An even better advantage? If you choose to pressure treat, you won’t necessarily have to build your deck with super-expensive wood like cedar.

4. Replace your windows. Although this isn’t something that is an obvious update, it’s a seriously helpful one. Think about it: 30% of energy is lost through windows. Energy-efficient vinyl windows will help you (and the next owner) save on heating and air condition bills throughout every season.

5. Never undervalue curb appeal. Remodeling Magazine knows that a home’s exterior has an enormous impact on whether a buyer is interested. That’s why exterior upgrades are the projects that can potentially yield the biggest ROI (see numbers 2-4). Other outdoor projects you can do to include updating siding, adding a fence and exterior door replacements. If all else fails, never underestimate a fresh coat of paint. Happy renovating!

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Alexis Caffrey

Freelance writer with a focus on technology and new media. I write how technology can improve everything from our productivity to our homes.

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